DAMAC Properties H1 revenues up 5% year on year to AED 3.7 billion
Financial Highlights for the first half of 2018:
- Revenue at AED 3.7 billion
- Gross profit at AED 1.4 billion
- Net profit at AED 862 million
- Booked sales of AED 2.3 billion
- Earnings per share of AED 0.14
- Deliveries of 1,490 units
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), announced financial results for the first half of 2018, reporting total revenue of AED 3.7 billion, a period-on-period growth of 5 per cent, while net profit stood at AED 862 million.
For the first half of the year DAMAC delivered 1,490 units, compared to 1,071 units in the same period last year. The units delivered in H1 2018 were at its luxury DAMAC Heights tower, in Dubai Marina, DAMAC Majestine, in the Burj area of Dubai, and two mid-rise buildings in the flagship DAMAC Hills development.
Booked sales for the first half of the year were reported at AED 2.3 billion. Gross profit stood at AED 1.4 billion in H1 2018 while total assets increased to AED 25.9 billion, from AED 25.3 billion at the end of December 2017.
As of 30 June 2018, cash and bank balances stood at AED 7.0 billion, while development properties stood at AED 9.2 billion, and total equity stood at AED 13.8 billion. Earnings per share (EPS) amounted to AED 0.14 per share by the end of the first half of 2018.
“Over the last couple of years, delivery of several landmark DAMAC developments has been of paramount importance for DAMAC. While the nature of the industry is cyclical, Dubai’s global appeal is undeniable and our strong liquidity keeps us agile to avail strategic opportunities across both regional and global markets,” said Hussain Sajwani, Chairman of DAMAC.
Construction continues on circa 8,000 units at DAMAC’s AKOYA Oxygen master community in Dubailand, while the focus remains on unit handovers to customers in another master development, DAMAC Hills. Both communities are premium, gated residential developments with varying property sizes, surrounded by lush greens and luxury amenities, with easy access to community conveniences such as schools, mosques and retail outlets.
“As we go into the second part of the year, we thank our customers, shareholders, employees, partners for their support and commitment. We also honour and thank the visionary leadership of the UAE for driving the success of the industry, with ongoing initiatives that uplift both the financial and moral wellbeing of the nation’s citizens and residents, while attracting more visitors and investors to the country each year.” said Sajwani.